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Reuters: Trump's tariffs to lift companies' costs and hurt exports [View all]
Reuters - Trump's tariffs to lift companies' costs and hurt exports
By Christoph Steitz, Casey Hall and David Gaffen
April 3, 2025
7:36 AM EDT
Summary
• Tariffs could disrupt trade and increase costs for firms
• Shipping firms flag disruption to global economy
• Companies may raise prices or cut investments
• Sportswear brands hit by Asian manufacturing exposure
FRANKFURT/SHANGHAI/NEW YORK, April 3 (Reuters) - Businesses around the globe on Thursday faced up to a future of higher prices, trade turmoil and reduced access to the world's largest market after U.S. President Donald Trump confirmed their worst fears by instituting broad tariffs worldwide.
Trump ramped up his trade war with tariff rates from 10% to nearly 50%. He says the levies will bring jobs back to the United States - but company executives were focused on possibly raising prices, reducing shipments, or cutting back investment activity outright.
"The reality is stark: these tariffs will push prices higher on thousands of everyday goods - from phones to food - and that will fuel inflation at a time when it is already uncomfortably persistent," said Nigel Green, CEO of global financial advisory deVere Group.
Shipping companies, one of the main conduits of global trade, were among the first to sound the alarm on Thursday while many other business leaders kept a low profile as they pondered the new reality.
"The tariff plan announced by the U.S. administration was significant, and in its current form, it clearly isn't good news for (the) global economy, stability and trade," Maersk, the world's second-largest container shipping firm, said.
/snip
By Christoph Steitz, Casey Hall and David Gaffen
April 3, 2025
7:36 AM EDT
Summary
• Tariffs could disrupt trade and increase costs for firms
• Shipping firms flag disruption to global economy
• Companies may raise prices or cut investments
• Sportswear brands hit by Asian manufacturing exposure
FRANKFURT/SHANGHAI/NEW YORK, April 3 (Reuters) - Businesses around the globe on Thursday faced up to a future of higher prices, trade turmoil and reduced access to the world's largest market after U.S. President Donald Trump confirmed their worst fears by instituting broad tariffs worldwide.
Trump ramped up his trade war with tariff rates from 10% to nearly 50%. He says the levies will bring jobs back to the United States - but company executives were focused on possibly raising prices, reducing shipments, or cutting back investment activity outright.
"The reality is stark: these tariffs will push prices higher on thousands of everyday goods - from phones to food - and that will fuel inflation at a time when it is already uncomfortably persistent," said Nigel Green, CEO of global financial advisory deVere Group.
Shipping companies, one of the main conduits of global trade, were among the first to sound the alarm on Thursday while many other business leaders kept a low profile as they pondered the new reality.
"The tariff plan announced by the U.S. administration was significant, and in its current form, it clearly isn't good news for (the) global economy, stability and trade," Maersk, the world's second-largest container shipping firm, said.
/snip
8 replies
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